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1、 Mainland and Hong Kong IPO markets 2024 Q3 review3 October 20242Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited

2、by guarantee.All rights reserved ContentsGlobal IPO landscapeA-share IPO marketHong Kong IPO market3Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited

3、,a private English company limited by guarantee.All rights reserved Global IPO landscape4Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private

4、English company limited by guarantee.All rights reserved 17334815610583106120402605010015020025030035040045050020202021202220232024Q3 YTD Funds raisedQ4 Funds raisedQ3 YTDno.of deals1,4932,5101,5201,3719431,7761,0881,004851Full year no.of dealsGlobal IPO market:2024 Q3 highlightsUSD83.3BTotal Funds

5、Raised 20%compared to 2023 Q3 YTD851Completed IPOs 15%compared to 2023 Q3 YTD8Deals with fund raised USD 1B4 IPOs compared to 2023 Q3 YTDUSD97.9MAverage Deal Size5%compared to 2023 Q3 YTDGlobal IPO funds raised(2020 2024 Q3)Global major IPO markets maintained momentum,while Asia-Pacific region exhib

6、ited disparity.(USDB)(1)Analysis based on actual data as at 23 September 2024.(2)Sources:Bloomberg and KPMG analysis,included REIT deals and excluded special purpose acquisition company(“SPAC”or“blank check”)deals.Geopolitical conflictsU.S.electionInterest rate cut5out of Top 10 IPOsby funds raised

7、are from Consumer Markets sector.5Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserve

8、d 2024 Q3 YTD Global IPO Rankings2024 Q3 YTD2023 Q3 YTDFY20231stNASDAQ Stock ExchangeUSD 14.4BShanghai Stock ExchangeUSD 28.7BShanghai Stock ExchangeUSD 31.3B2ndNew YorkStock Exchange USD 12.4BShenzhen Stock ExchangeUSD 19.8BShenzhen Stock Exchange USD 22.0B3rdNational Stock Exchange of IndiaUSD 8.6

9、BNASDAQ Stock ExchangeUSD 10.9BNASDAQ Stock ExchangeUSD 12.5B4thHong Kong Stock ExchangeUSD 7.2BNew York Stock ExchangeUSD 7.8BNew York Stock ExchangeUSD 9.8B5thShanghai Stock ExchangeUSD 7.0BAbu Dhabi Securities ExchangeUSD 3.7BNational Stock Exchange of IndiaUSD 6.9B(1)Analysis based on actual dat

10、a as at 23 September 2024.(2)The exchange rate for USD/HKD is 7.75.(3)Sources:Bloomberg and KPMG analysis,included REIT deals and excluded special purpose acquisition company(“SPAC”or“blank check”)deals.2024 Q3GlobalproceedsEMEIAAsia Pacific30%Americans30%among 40%6Chinese Mainland and Hong Kong IPO

11、 markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2024 Q4 Global IPO market outlook“Paul LauPartnerHead of Capital M

12、arkets and Professional Practice KPMG ChinaThe recent interest rate cut by the US Federal Reserve is likely to have a positive ripple effect on global IPO markets by boosting stock valuations and improving overall market sentiment.However,companies looking to go public should remain cautious due to

13、ongoing macroeconomic uncertainties.While the current market conditions remain mixed,we expect the rate cut to gradually encourage further listings as companies regain confidence in market stability.Total Funds Raised by Region 2024 Q3 YTD vs 2023 Q3 YTDAmericas 45%Asia-Pacific 60%EMEIA 35%7Chinese

14、Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved A-share IPO market8Chinese Mainland and

15、Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved A-share IPO market:2024 Q3 highlightsRMB86.8BTotal Fu

16、nds Raised75%compared to 2023 Q3 YTD85 Completed IPOs70%compared to 2023 Q3 YTDRMB1.0BAverage Deal Size20%compared to 2023 Q3 YTDA-share IPO stock exchange distributionNote:All analysis is based on WIND data and included REIT deals as of 30 September 2024,unless otherwise statedSource:Wind and KPMG

17、analysisThe A-share IPO market experienced subdued activities due to shifts in the regulatory landscape and a prevailing cautious sentiment among market participants.A-share IPO sector distribution bynumber of IPOA-share IPO sector distributionby funds raised11.3 112.0 21.4 139.6 53.7 2.7 15.2 20.6

18、11.0 37.3 Beijing Stock ExchangeChiNextShenzhen Stock ExchangeSTAR MarketShanghai Stock Exchange 2024 Q3 YTD 2023 Q3 YTD60981762311426101025Funds raised(RMB billion)Number of dealsIndustrials42%TMT27%Infrastructure/Real Estate19%OthersInfrastructure/Real Estate45%TMT23%Industrials26%Others9Chinese M

19、ainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Top 10 largest A-share IPOs2024 Q3 YTDCom

20、panyExchangeProceeds(RMB billion)Sector1China Resources Commercial Assets REIT*SZSE6.9Infrastructure/Real Estate2ICBC Credit Suisse Hebei Expressway Group REIT*SSE5.7Infrastructure/Real Estate3China Joy City Shopping Center REIT*SZSE3.3Infrastructure/Real Estate4CICC Yinli Consumer Infrastructure RE

21、IT*SZSE3.3Infrastructure/Real Estate5Guotai Junan Chengtou Kuanting Affordable Rental Housing REIT*SSE3.1Infrastructure/Real Estate6Grandtop Yongxing Group Co.,LtdSSE2.4Industrials7HuaAn Bailian Consumer REIT*SSE2.3Infrastructure/Real Estate8Solax Power Network Technology(Zhejiang)Co.,Ltd.SSE-STAR2.

22、2Industrials9E Fund Guangzhou Development Zone High-tech Industrial Zone REIT*SZSE2.1Infrastructure/Real Estate10E Fund Shenzhen Expressway REIT*SSE2.0Infrastructure/Real Estate2023 Q3 YTDCompanyExchangeProceeds(RMB billion)Sector1Hua Hong Semiconductor LimitedSSE-STAR21.2TMT2Semiconductor Manufactu

23、ring Electronics(Shaoxing)CorporationSSE-STAR11.1TMT3Nexchip Semiconductor CorporationSSE-STAR10.0TMT4China Fund Management SPIC New Energy REIT*SSE7.8Infrastructure/Real Estate5Shaanxi Energy Investment Co.,Ltd.SZSE7.2ENR6Baimtec Material Co.,Ltd.SSE-STAR7.1Industrials7CSI Solar Co.,Ltd.SSE-STAR6.9

24、ENR8Huaqin Technology Co.,Ltd.SSE5.9TMT9Hunan Yuneng New Energy Battery Material Co.,Ltd.SZSE-ChiNext4.5Industrials10Jiangsu Xukuang Energy Co.,Ltd.SSE4.3ENR38%of total IPO proceeds raised by top 10 IPOs in 2024 Q3 YTDREIT dominated the fundraisingin 2024 Q3 YTD,contributing*Refers to real estate in

25、vestment trusts listings(“REITs”)Most of Top 10 largest IPOs by funds raised came from the traditional market8 out of top 10 IPONote:All analysis is based on WIND data and included REIT deals as of 30 September 2024,unless otherwise statedSource:Wind and KPMG analysis10Chinese Mainland and Hong Kong

26、 IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved A-share IPO Pipeline287315286262223145121152159129115102583730

27、53552882542201539669133122148119116982023Q12023Q22023Q32023Q42024Q12024Q22024Q3Traditional marketSTAR MarketChiNextBSE813825962779664472352Number of active A-share IPO applicantsTop 3 active A-share IPO applicant sectors Industrials41%Infrastructure/Real Estate11%Note:All analysis is based on WIND d

28、ata and included REIT deals as of 29 September 2024.Active applicants included applications suspended due to the expiry of their financial information(中止審查).Historically these applications have been reactivated promptly with updated financial information submitted by the listing applicant.Source:Win

29、d and KPMG analysis TMT23%11Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved 2024

30、 Q4 A-share IPO market OutlookDespite a slowdown in A-share IPO activity,the recent reforms in the STAR market underscore Chinas commitment to driving growth in high-tech industries.These reforms,particularly those enhancing M&A flexibility and providing stronger support for early-stage companies,ai

31、m to foster a more dynamic environment for technology-driven firms.We expect that,over time,these measures will attract more innovative companies,increasing investor interest and supporting sustained growth.“Louis LauPartnerHead of Hong Kong Capital Markets GroupKPMG China12Chinese Mainland and Hong

32、 Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Hong Kong IPO market13Chinese Mainland and Hong Kong IPO

33、markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Hong Kong IPO market:2024 Q3 highlightsHong Kong IPO activity ispic

34、king up,with the largest IPO in 3 years listed during the quarter.HKD55.6BTotal Funds Raised120%compared to 2023 Q3 YTD45 Completed IPOsSimilar as compared to 2023 Q3 YTDHKD1.2BAverage Deal Size120%compared to 2023 Q3 YTD96116109598911293Q1Q2Q3Q4Q1Q2Q3Number of active HK IPO applicantsNote:All figur

35、es are as of 30 September 2024,included listing by introduction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG analysisTop 3 active HK IPO applicant sectors Consumer MarketsTMT22%25%Healthcare/Life Sciences22%2023202418deals13deals26deals18deals13deals26dealsTMT38%Healthcare/Life Scien

36、ces16%Infrastructure/Real Estate16%HK IPO sector distributionNo.ofIPOOthersTMT14%OthersHealthcare/Life Sciences6%Consumer Markets71%Fundsraised(As at 30 September 2024)(As at 30 September 2024)14Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the

37、KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved Top 10 largest Hong Kong IPOs2024 Q3 YTDCompanyProceeds(HKD billion)Sector1Midea Group Co.,Ltd.35.7Consumer Markets2Sichuan Baicha Baidao

38、 Industrial Co.,Ltd.2.6Consumer Markets3Cirrus Aircraft Limited1.5Industrials4Robosense Technology Co.,Ltd1.1TMT5Chenqi Technology Limited1.1TMT6Laopu Gold Co.,Ltd.1.0Consumer Markets7Black Sesame International Holding Limited P1.0TMT8QuantumPharm Inc.P 1.0Healthcare/Life Sciences9Migao Group Holdin

39、gs Limited1.0Industrials10Shanghai Voicecomm Information Technology Co.,Ltd.0.7TMT84%of total IPO proceeds raised by top 10 IPOs in 2024 Q3 YTDThe largest IPO by funds raised came fromConsumer Markets in both 2023 and 2024 Q3 YTDNote:All figures are as of 30 September 2024,included listing by introd

40、uction,and excluded SPAC deals and GEM transferSource:HKEx and KPMG analysisMore IPOs from TMT2023 Q3 YTDCompanyProceeds(HKD billion)Sector1ZJLD Group Inc5.3Consumer Markets2Horizon Construction Development Limited1.6Infrastructure/Real Estate3Sichuan Kelun-Biotech Biopharmaceutical Co.,Ltd.B1.6Heal

41、thcare/Life Sciences4TUHU Car Inc.W1.3TMT5Beijing Fourth Paradigm Technology Co.,Ltd.1.1TMT6Beijing SinoHytec Co.,Ltd.1.1Industrials7JF Wealth Holdings Ltd1.0Financial Services8Beauty Farm Medical and Health Industry Inc.0.9Consumer Markets9Laekna,Inc.B0.8Healthcare/Life Sciences10Neusoft Xikang Hol

42、dings Inc.0.6TMTsector ranked among top 10 largest IPOs in 2024 Q3 YTD15Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company l

43、imited by guarantee.All rights reserved 2024 Q4 HK IPO Market OutlookHong Kongs recent completion of its largest IPO in the last three years signals the return of confidence and interests of investors.The agility of listing authorities,combined with the recent interest rate cut and Chinese governmen

44、ts stimulus measures,have further supported the market recovery.Looking ahead,these favourable conditions are expected to drive a sustained increase in IPO activity,positioning Hong Kong as a hub for high-growth companies.“Irene ChuPartnerHead of New Economy and Life SciencesKPMG China010203Modifica

45、tions on certain listing requirementsHealthy IPO pipelineGovernment stimulus package16Chinese Mainland and Hong Kong IPO markets 2024 KPMG,a Hong Kong(SAR)partnership,are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private Eng

46、lish company limited by guarantee.All rights reserved Paul LauPartner,Head of Capital Markets and Professional Practice KPMG China+852 2826 Louis LauPartner,Head of Hong Kong Capital Markets GroupKPMG China+852 2143 Mike TangPartner,Capital Markets GroupKPMG China+852 2833 Irene ChuPartner,Head of N

47、ew Economy and Life SciencesKPMG China+852 2978 Elton TamPartner,Capital Markets GroupKPMG China+852 2978 Contact usTerence ManPartner,Capital Markets GroupKPMG China+86(10)8508 information contained herein is of a general nature and is not intended to address the circumstances of any particular ind

48、ividual or entity.Although we endeavour to provide accurate and timely information,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.No one should act on such information without appropriate professional ad

49、vice after a thorough examination of the particular situation.2024 KPMG,a Hong Kong(SAR)partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.Document Classification:KPMG Public